Pure Competition: Demand Curve

Created by tylerknox123 

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A pure competitive seller is:

A "price taker"

What is a characteristic of a purely competitive seller's demand curve?

Price and marginal revenue are equal at all levels of output.

Price is constant or given to the individual firm selling in a purely competitive market because?

Each seller supplies a negligible fraction of total supply.

The demand curve in a purely competitive industry is _____, while the demand curve to a single firm in that industry is____.

Down-sloping, perfectly elastic.

A purely competitive seller's average revenue curve coincides with:

Both its demand and marginal revenue curves. you suck tyler

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